Payment transactions in the retail sector/at the POS - Trends and innovations for 2021
What does the (near) future hold for payment transactions at the point of sale? What challenges must retailers prepare for? One thing is certain: digitalisation will not simply stop when it reaches (regional) retailers. In fact, it should be seen far more as impetus that retailers can and should take advantage of both at the local POS and within their eCommerce presence. Innovative payment processing solutions that are also compatible with omnichannel concepts are needed here.
Customers appreciate flexibility, and even demand it when ordering services.
- Classic means of payment, such as credit and debit cards, are currently still popular and typically demanded by consumers as standard.
- The popularity of cash is continuing to decline, particularly in very large and small denominations (€500 note, one-cent and two-cent coins)
- Mobile payment methods will gain market shares. According to the survey, however, retailers would still be well advised to offer incentives for mobile payments.
Omnichannel concepts are continuing to gain in importance
- Calling up additional product information on your smartphone while in the shop.
- Buying and paying for bulky products in the shop and the having them delivered to your home.
- Shopping online and having products delivered to your local shop, for example so you can test them out.
- Reserving products online for collection, possibly even the same day.
- Shopping online and returning products to a physical shop.
Payment types: freedom of choice & even more freedom of choice
Switch to digital/mobile payment methods
25 | 01 | 2021
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Payment transactions in 2021: Trends and perspectives for digital payments
What does the future of payment look like? The digital landscape is characterised by promising trends and perspectives. These have also enjoyed a great deal of attention in 2020 due to the coronavirus pandemic. In fact, the pandemic has accelerated t …
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¹ Source: https://einzelhandel.de/images/presse/Studie_Trends_Handel_2025.pdf, ² Source: https://www.ifhkoeln.de/online-shops-ruesten-auf-wieder-mehr-zahlungsverfahren-im-angebot/, ³ Source: https://onlineshop.zukunftsinstitut.de/shop/retail-report-2021/, ⁴ Source: https://de.statista.com/infografik/22166/prognose-zur-nutzung-von-mobile-pos-payments-in-deutschland/